Word: dollarization
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Dates: during 1980-1989
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...dollar terms, the largest civil rights effort run by the Federal Government is the set-aside programs for minority-owned businesses. In 1986 more than $4 billion in federal contracts was allotted to such firms, and enthusiastic support for the programs cuts across the ideological spectrum, from Ronald Reagan to liberals in Congress. The political appeal of this kind of compassionate capitalism is almost irresistible: fostering entrepreneurship among blacks, Hispanics and other minorities with dollars the Federal Government would have spent anyway...
...second-floor sanctum in the marble- clad Federal Reserve Board building on Constitution Avenue has a unique feature: from behind its cluttered wooden desk, the occupant has a breathtaking view of almost every hazard that currently confronts the U.S. and world economies. In the foreground is the distressingly weak dollar, which threatens to push the inflation rate out of control once again. In the middle distance: sluggish levels of U.S. and world growth that could easily tail off into global recession, especially if American interest rates, already on the rise, should climb too high. In the background is the ugly...
...Ronald Reagan announced an epochal change at the Federal Reserve Board, the chief government authority for setting U.S. monetary policy. Political leaders, investors and currency traders in every part of the globe were understandably concerned that a new and untested man was being entrusted with the fate of the dollar, the course of U.S. interest rates and quite possibly the prosperity of the world economy. The change was all the more dramatic because it removed from the scene a commanding figure who in eight years has earned a heroic reputation and the profound trust of the international financial community...
...Venice summit for leaders of the major industrial nations, the President said he had accepted with "great reluctance and regret" the resignation of Federal Reserve Chairman Paul Volcker, 59, effective in August at the end of his second four-year term. His successor, and thus the new Mr. Dollar, will be Alan Greenspan, 61, a highly regarded private economist (and longtime member of TIME's Board of Economists) who served as chairman of the Council of Economic Advisers during the Ford Administration. Said Greenspan last week, after revealing that it took him "milliseconds" to accept the President's job offer...
State Rep. Nicholas A. Paleologos (D-Woburn), chairman of the House Education Committee, considered Harvard's proposal for a $25 million dollar increase in scholarship aid this year, and it will be debated before the legislature this summer...